Crypto enthusiasts in the country are not completely convinced about an imminent permanent ban on all cryptocurrencies. People who took a risk way back in 2017 have seen similar proposals coming and going, while still being able to make fruitful returns on their investments.
Back in 2018 as well, the few crypto enthusiasts in the country who had made investments were sceptical about the future of their investments, given the limited knowledge they had. Then, the RBI had issued an announcement banning crypto, which left people scared and confused. When the Supreme Court eventually lifted the ban, people were relieved and were more cautious about the future investments.
Today, as the number of people investing in crypto has expanded multifold, many are convinced that the news of the latest ban should not cause panic. This is further supported by market trends. Just last week, Bitcoin and certain other cryptocurrencies fell by 20% after the proposed bill was announced, but all picked up the pace and stabilised within just 24 hours.
Crypto enthusiasts believe that the ban would not be permanent and that India has a lot of scope for the crypto space in the future, especially considering the country has almost 15 million crypto investors as of today.
Currently, the ruling party in India has made plans to ban all private cryptocurrencies, meanwhile rolling out plans to introduce the Centre’s very own digital currency. The Centre would also allow for certain exceptions, in order to promote the technology involved in cryptocurrency.
The main reason the Centre perhaps wishes to put a pause on the upward trend of crypto investments is to keep a closer eye on the misuse of cryptocurrencies for illegal activities like money laundering and terrorism.